Centuries of history have taught many ways to monetise events off line. And there are also many ways to monetise large events online.
However, on line monetisation of medium-to-small events is often a challenge: an in-house service has high set up and maintenance costs, administrative costs of managing payment collection may eat significantly into the revenues and, more than anything else, it is hard to create trusts between parties concurring to the event organisation and distribution.
WimLive, a service of the WimTV platform, lets operators decide whom they do business with while the service provides video streaming services to their customers and, more importantly, manages payment collection and revenue sharing.
Therefore WimTV offers the different components of the audio-visual world an environment where operators can interact and lets them create and deploy new business models in an immediate and profitable fashion. It is a web-based platform with B2B marketplace and B2C distribution functionality connecting video professionals (creators, producers and service providers), advertisers and distributors.
WimTV promotes association of operators to provide the best choice to end users.
To achieve its goals WimLive introduces two professional figures that have a natural correspondence with comparable figures of the real world: Event Organiser, the figure that organises the event and Event Reseller the figure that promotes and distributes the event.
WimLive obviously supports the case of free streaming, but also the case of an Event Organiser playing also the role of Event Reseller and the case when the two entities are separat. This lets the Event Organiser to carry out the functions that are proper to the role while letting other operators play roles that are congenial to them.
WimTV administration pages let an Event Reseller (e.g. a local broadcaster) manage its event programming. For each event an Event Reseller can set various parameters (date, duration etc.) an particularly those agreed with the Event Organiser (this can be a band or a football team), namely ticket price and revenue sharing percentage. If more entities claim a slice of the pie WimLive is open to do that.
Leonardo Chiariglione, CEO of WimLabs, has stated “WimLive is a companion service to WimTV’s Video on Demand that already supports video streaming with a variety of business models such as free, pay-per-view and subscription. Any payment received by a user of WimTV services is immediately split among rights holders as driven by licensing information associated to each video. WimLive – adds Chiariglione – allows an Event Reseller, who has reached an agreement with an Event Organiser, to obtain from the WimTV platform a sharing of each individual payment.”
For each single payment received from an end user consuming an event, WimLabs withholds an agreed amount for its service and automatically accredits the agreed shares on the Event Reseller and Event Organisers’ PayPal accounts.
WimLive opens new opportunities to monetise events for which it was so far impossible to get an economic return that would not be offset by administrative costs. Indeed the entire event administration, including payment splitting, is managed by WimTV, a feature of vital importance to retain profitability of medium to small events.
